Mahindra Logistics Ltd Management Discussions

OVERVIEW

Mahindra Logistics Limited (hereinafter referred to as MLL or the Company or We) stands as one of the Largest integrated Logistics soLution providers of India, offering a wide array of customised, technoLogy- enabLed soLutions for suppLy chain management and mobiLity. We strive to empower customers in enhancing the productivity and efficiency and reducing pain- points of their suppLy chain. Our soLutions seamLessLy integrate muLtipLe modes of Logistics across the nation and beyond, depLoying industry-Leading technoLogy, infrastructure, processes and human capitaL.

We principaLLy operate on an asset-right business modeL, with many of our operationaL assets, especiaLLy vehicLes and warehouses, owned and/or provided by a vast network of business associates under different modeLs. Furthermore, the Company depLoys third-party contractuaL empLoyees, sourcing them from a group of strategic workforce providers. By harnessing this approach, we focus on the scaLabiLity and flexibiLity of our services, enabLing us to offer customised soLutions across diverse end markets.

We operate in two distinct business segments, including supply chain management (SCM) and mobiLity services. Within the SCM segment, we provide contract Logistics, B2B express, Last-miLe deLivery (LMD) and cross-border freight services. In the mobiLity segment we provide enterprise mobiLity services, cab-on-demand, airport pickup and transfer, outstation and rentaL services under ALyte and Meru brands.

A. PERFORMANCE OF OUR KEY FOCUS MARKETS

Focus on End Markets

The Logistics sector in 2024-25 demonstrated resiLience and growth, driven by strategic government initiatives, technoLogicaL advancements and a focus on sustainabiLity. After a period of sLower growth, the industry responded weLL to key drivers Like the rise of e-commerce, the adoption of eLectric vehicLes (EVs) in Logistics and significant infrastructure deveLopment. WhiLe gLobaL trade chaLLenges such as geopoLiticaL tensions and supply chain disruptions impacted cross-border Logistics, the domestic market saw steady growth in contract Logistics, Last-miLe deLivery and B2B express services. The governments focus on the Production Linked Incentive (PLI) scheme and expanding transport infrastructure supported growth, particuLarLy in manufacturing and consumer sectors. MeanwhiLe, EVs adoption in the automotive sector, aLong with steady performance in FMCG, pharma and teLecom, heLped drive demand. The year saw the Logistics sector rebound from previous chaLLenges and position itseLf for Long-term growth, fueLLed by innovation, sustainability and improved connectivity.

Auto and Farm Sector

In 2024-25, the overaLL auto sector grew by 10-12%. Passenger vehicLe saLes grew by 4.2% to 45.6 Lakh units. The EV market saw a 17% increase, reaching around 19.6 Lakh units. Two-wheeLer saLes rose by 14.5%, whiLe SUV saLes grew by 14%, accounting for 56% of the market. CommerciaL vehicLe saLes rose by 7.2%, totaLLing 9.68 Lakh units and the adoption of LNG-powered trucks gained momentum as a more sustainabLe alternative fueL vehicLe. In the farm and equipment sector, tractors recorded doubLe-digit growth, fueLLed by a ruraL revivaL, improved food grain production and higher MSPs. This momentum is expected to persist, supported by positive farm sentiment and continued demand for agricuLturaL equipment. Strong growth in the automotive sector, driven by ruraL demand and festive season boosts, positiveLy impacted the Logistics sector. Increased commerciaL vehicLe saLes enhanced freight capacity, whiLe the rise in two-wheeLer saLes supported Last-miLe deLivery. The growth in the tractor segment further boosted Logistics for agricuLturaL machinery. However, constraints in medium and heavy commercial vehicles posed chaLLenges for Larger freight movements.

Discrete Manufacturing and Capital Goods Sector

Indias manufacturing sector is set to reach ~^8.5 Lakh crores by 2025-26, driven by investments in key industries and witnessed a continued momentum driven by government-Led initiatives Like the Make in India and PLI schemes. In 2024-25, Indias manufacturing sector grew by 6.8%, contributing significantLy to GDP, whiLe the capitaL goods sector expanded by 13-15%, fueLLed by investments in power, renewabLe energy and infrastructure. Investments in manufacturing infrastructure, incLuding advanced warehousing and production faciLities, bolstered the sectors output. However, gLobaL investment chaLLenges persisted, as economic uncertainties and geopoLiticaL tensions sLowed foreign direct investments. NevertheLess, the domestic demand for capitaL goods remained strong, driven by public and private sector projects in infrastructure, power and renewabLe energy. The sector aLso saw increased adoption of automation and digitaL manufacturing technoLogies, enhancing productivity and competitiveness. The growth of Indias manufacturing and capitaL goods sectors boosted Logistics through higher freight demand, modernised warehousing and speciaLised services. Government initiatives improved efficiency, whiLe strong domestic demand from infrastructure and energy projects supported continued growth.

Consumer Goods

Indias consumer sector in 2024-25 showcased resiLience amid gLobaL uncertainties, driven by a resurgence in ruraL demand and sustained urban consumption. The urban demand remained steady, supported by rising disposabLe incomes and a focus on premium offerings. The consumer durabLes market is expected to grow by 11-12%, fueLLed by rising adoption of financing options and strong demand for cooLing products during the summer season. However, chaLLenges such as increased seLLing and marketing expenses amid heightened competition persisted. OveraLL, the consumer sectors performance reflects a baLanced mix of growth and cautious optimism, underpinned by favourabLe demographics and government initiatives. This sector Led to higher demand for transportation, warehousing and e-commerce deLivery, especiaLLy in ruraL areas, improving suppLy chain efficiency and order voLumes.

Pharma

The Indian pharmaceutical, market grew by 8.4% in 2024-25, driven primarily by strong performance in chronic therapy segments Like cardiac, anti-diabetic and gastrointestinal treatments, which together made up about 34% of the market. The cardiac segment led with a growth of 11%, foLLowed by gastrointestinal at 10% and anti-diabetic at 8%. The growth was also fueLLed by the introduction of over 3,200 new brands. However, price reductions were observed in some segments due to patent expirations. Growth in Indias generic drug exports and increased use of specialty drugs contributed majorLy to the growth in the pharma industry. The pharma industry saw steady growth, driven by rising demand for both essential medicines and new drug launches. This positively impacted the logistics sector, increasing the need for temperature- controlled transportation, specialised warehousing and efficient supply chains for timely delivery of pharmaceuticals. The growth in exports also led to higher demand for global logistics solutions, further enhancing the sectors performance.

Telecom

In 2024-25, Indias telecom sector experienced robust growth, driven by strategic tariff hikes and significant investments in 5G infrastructure. The industrys revenue reached approximately ^3.3 Lakh crores, marking an 87% increase since 2018-19. Bharti AirteL and ReLiance Jio emerged as the primary beneficiaries, with both operators gaining market share due to their expansive 5G roLLouts and effective tariff strategies. The governments revenue from the sector is projected to reach ^1.2 Lakh crores in 2024-25, a 30% increase from the previous year, boLstered by spectrum aLLocations and advance payments from operators. The teLecom industrys growth, driven by 5G expansion and infrastructure projects, boosted Logistics demand for transporting teLecom equipment and network materiaLs, as weLL as Last-miLe deLivery soLutions.

E-commerce

Indias e-commerce sector maintained strong growth in 2024-25, driven by increased digitaL adoption and deeper penetration in Tier 2 and 3 cities. Quick commerce gained significant traction, accounting for about 65% of e-grocery orders in 2024, up from just 13% in 2022, as urban consumers embraced rapid LocaL deLiveries. SociaL commerce aLso flourished, fueLLed by influencer marketing and community- driven shopping experiences, appeaLing especiaLLy to younger demographics. PLatforms Like BLinkit and Zepto capitaLised on these trends, reflecting a shift towards convenience and instant gratification. The sectors growth was aLso supported by government initiatives promoting digitaL incLusion and a booming mobiLe internet user base.

B. INDUSTRY OVERVIEW & ^TRENDS

Overview of the Global Economy

According to the UN Trade and DeveLopment report, the gLobaL economy remained resiLient in 2024-25 despite heightened geopoLiticaL uncertainties and macroeconomic chaLLenges. However, proLonged conflicts in Eastern Europe, ongoing tensions in the MiddLe East, rising protectionist poLicies and renewed voLatiLity from tariffs have continued to disrupt trade flows and impact industriaL production. The reimposition and uncertainty around tariffs, particuLarLy by the US, have Led to suppLy chain distortions and may increase costs for manufacturers gLobaLLy. WorLd trade growth is projected at 2.7% for 2025, reflecting a modest recovery. WhiLe geopoLiticaL fragmentation, evoLving trade reguLations and uncertainties due to changing tariffs present chaLLenges, however emerging markets Like India stand to benefit from shifting gLobaL trade patterns and suppLy chain reaLignments.

Based on the ApriL 2025 IMF figures, gLobaL GDP growth is projected at 2.8% in 2025, indicating a steady but beLow-trend recovery. Advanced economies have shown resiLience, but eLevated interest rates, fiscaL tightening and sLuggish productivity growth continue to weigh on economic momentum. EncouragingLy, gLobaL inflation is expected to decLine to 4.3% in 2025 and further to 3.6% in 2026, with advanced economies LikeLy to reach their inflation targets sooner than deveLoping economies, creating a more baLanced risk environment.

Trade remained stabLe in 2024-25 but rising geoeconomic tensions and tariffs signaL potentiaL disruptions ahead. FaLLing freight indices indicate weaker industriaL activity, particuLarLy in suppLy chain- dependent sectors. AdditionaLLy, reaLignment of trade routes and AI-driven suppLy chain optimisation is reshaping gLobaL Logistics, pushing businesses to adopt resiLient and technoLogy-driven operationaL strategies.

Overview of the Indian Economy

India remained one of the fastest-growing major economies in 2024-25, driven by infrastructure investments, strong services sector growth and poLicy reforms. However, domestic consumption showed signs of weakening, due to higher interest rates and inflationary pressures. WhiLe private consumption remained sLuggish, the governments recent personaL income tax reductions, expected to cost the treasury approximateLy ?1 Lakh crores, aim to revive househoLd spending and boost economic momentum. Despite these chaLLenges,

Indias GDP is projected to grow at 6.2% in 2025 (IMF), supported by government initiatives, manufacturing expansion and gLobaL suppLy chain shifts favouring India.

Inflation remains a key concern at 4.2% (IMF), though moderation in food and fueL prices, aLong with suppLy chain improvements, is expected to provide some reLief. However, season-based ruraL demand and cautious consumer spending in urban markets may stiLL impact overaLL growth. FiscaL consoLidation, rising exports and continued investment in industriaL production wiLL be cruciaL in sustaining economic momentum.

From a suppLy chain perspective, India is benefitting from gLobaL trade reaLignments, as companies diversify their suppLy chains to reduce dependence on a few regions. The governments focus on muLtimodaL Logistics parks, AI-driven suppLy chain optimisation and automation in warehousing is enhancing efficiency and positioning India as a gLobaL Logistics hub. However, higher freight costs, fluctuating energy prices and protectionist trade poLicies remain key risks.

In the Union Budget 2025-26, the Indian government has aLLocated ^11.21 Lakh crores for capitaL expenditure, a modest 0.9% increase from the previous years ^11.1 Lakh crores. WhiLe this indicates a tempered pace of infrastructure spending, the shift towards boosting consumption through tax cuts suggests a more baLanced growth strategy. Investments continue in Logistics infrastructure, with ^11.17 Lakh crores under PM Gati Shakti aLLocated to 434 key infrastructure projects. In 2024-25, a record ^2.5 Lakh crores was spent on constructing 5,614 km of highways, significantLy enhancing freight movement and suppLy chain efficiency.

Based on a Reuters report, the Government of India (GOI) impLemented strategic monetary and fiscaL measures to stimuLate economic growth and boLster consumption. The RBI reduced the repo rate to 6% in April. 2025, marking the second consecutive cut, aiming to Lower borrowing costs and encourage spending amid a sLowing economy and easing inflation. SimuLtaneousLy, the Union Budget introduced significant income tax cuts, increasing disposable income for the middLe cLass and potentiaLLy boosting consumption by approximateLy ^5 Lakh crores, or 2.7% of GDP

These measures are expected to positiveLy impact the Logistics sector by driving higher demand for goods and services, thereby increasing transportation and warehousing needs. The reduction in borrowing costs may aLso faciLitate investments in Logistics infrastructure, enhancing efficiency and capacity to meet the growing consumer demand.

LastLy, these developments not only improve Logistics operations but aLso create new growth avenues for organised Logistics pLayers.

Indian Logistics Industry - Size & Structure

The Indian Logistics market continues its strong growth trajectory, driven by infrastructure expansion, poLicy reforms and technoLogicaL advancements. This growth is fueLLed by booming e-commerce, rising manufacturing activity and government-Led initiatives Like PM Gati Shakti and the NationaL Logistics PoLicy (NLP). The surge in demand for premium, modern warehouses, compLemented by the influx of investment-grade assets from institutionaL investor- backed deveLopers, signifies a pronounced trend towards a more mature market.

According to a report by Mordor Intelligence, the industry is expected to experience steady growth, with a projected CAGR of 9.3%, reaching around ^40 Lakh crores by 2029. NotabLy, the premium warehouse segment is expanding at a faster pace of 15%. A significant driver behind this growth is the growing preference within the domestic Logistics sector for Grade A warehouse faciLities. These faciLities are buiLt with high-quaLity materiaLs, feature advanced automation and are strategicaLLy Located to enhance transportation and distribution efficiency.

The industry is highly diverse, comprising startups, SMEs, domestic firms and gLobaL pLayers. Road transportation dominates the sector with more than 60% share, but raiL, air and coastaL shipping are gaining traction due to poLicy-driven incentives. The GOIs push for muLtimodaL Logistics parks (MMLPs), dedicated freight corridors, and digitaL freight pLatforms is improving cost efficiency and reducing transit times.

TechnoLogy is pLaying an increasingLy transformative roLe, with Al-driven Logistics optimisation, automated warehousing and predictive anaLytics streamLining suppLy chain operations. End-to-end visibiLity, Internet of Things (loT)-enabLed tracking and digitaL freight matching are becoming industry standards, improving operationaL efficiency.

Despite advancements, Indias logistics costs remain high at 13-14% of GDP, compared to the gLobaL benchmark of 8-10%. Inefficiencies in muLtimodaL integration, high fueL costs and infrastructure bottLenecks contribute to these eLevated costs. However, the impLementation of the Unified Logistics Interface PLatform (ULIP), reduction in compLiance burdens and continued infrastructure investments aim to drive efficiency. The ^11.17 Lakh crores PM Gati Shakti initiative is acceLerating the deveLopment of Logistics hubs, expressways and freight corridors.

Contract Logistics is emerging as a key enabLer, particuLarLy in sectors Like automotive, e-commerce, pharmaceuticals and industriaL manufacturing. The contract Logistics market is expected to expand at a CAGR of 8-10%, reaching ^24 Lakh crores by 2025-26.

The B2B express segment is expanding at a robust 15% CAGR, with the market size expected to reach ^24,000 crores by 2026. This growth is driven by the demand for direct-to-consumer modeLs, omnichanneL fuLfiLment and faster deLivery services. The segment is more organised compared to contract Logistics, with the top pLayers hoLding nearLy 70% of the market share.

Indias freight forwarding market, currentLy vaLued at ^45,600 crores, is expected to cLock in a CAGR of 8% in 2024-26, supported by government-backed infrastructure projects, growing exports and suppLy chain reaLignments under the China+1 strategy. Industries such as pharmaceuticaLs, food processing, engineering and chemicals continue to drive demand for freight services.

The Last-miLe deLivery segment remains the fastest- growing, expanding at 25% CAGR with an estimated market vaLue of ^36,500 crores by 2026. The rise of quick commerce, Open Network for DigitaL Commerce (ONDC) and drone-based deLiveries is driving rapid innovation in this space. However, Last-miLe Logistics remains the most expensive component, requiring significant optimisation to enhance cost efficiency.

Indias Logistics sector is at an inflection point, driven by poLicy reforms, infrastructure investments, and rapid digitaLisation. With initiatives Like Gati Shakti, NLP and an increasing shift towards green Logistics, the industry is moving towards a more integrated, cost- efficient and sustainabLe ecosystem. As the sector matures, a transition from traditionaL transportation and warehousing modeLs to high-vaLue, technoLogy- driven integrated Logistics soLutions is expected, positioning India as a global logistics hub.

Key Government Initiatives

In India, Logistics cost as a percentage of GDP stands at approximately 14%, substantiaLLy higher than those in developed countries, ranging between 8% and 10%. This higher cost is driven by certain inefficiencies within the industry, including lower transportation speed, higher transit inventory, theft and damages and a skewed modal mix. Currently, road accounts for more than 60% of transportation by volume, while rail, ocean and air coLLectiveLy constitute the remainder. The GOI launched several plans, such as NLP and PM Gati Shakti NMP to revolutionise logistics sector. Moreover, gamechanging initiatives like ULIP and ONDC focus on enhancing efficiency, reducing bottLenecks and positioning Indian Logistics sector as an attractive gLobaL partner, propeLLing the country cLoser to its ambitious goal of achieving a US$ 5 TriUJon economy goaL.

National Logistics Policy (NLP)

Launched in September 2022, the NLP aims to reduce Indias Logistics cost from 13-14% to 8% of GDP by 2030. As of March 2025, key progress incLudes the roLLout of MMLPs, adoption of the ULIP and use of AI for route pLanning. These initiatives support Indias goaL to rank among the top 25 in the WorLd Banks Logistics Performance Index by 2030.

Open Network for Digital Commerce (ONDC)

As of March 2025, the ONDC, Launched by Department for Promotion of Industry and InternaL Trade (DPIIT) to democratise e-commerce, hit a record 1.6 crores orders in a month. It enabLes smaLL seLLers to compete with major pLatforms and has attracted partners Like Uber, expLoring transit ticket bookings via ONDC. New initiatives Like Nirmit Bharat and the DigiHaat buyer app further boost access for artisans, farmers and smaLL businesses.

Gati Shakti

As of March 2025, the PM Gati Shakti has significantLy improved infrastructure coordination across 44 Ministries and 36 States/UTs, using over 1,600 data Layers. It evaLuated 115 highway and road projects (~13,500 km) worth ^6.38 Lakh crores. The metro network grew from 248 km in 2014 to 1,011 km across 20+ cities and the number of airports rose from 74 to 159. Gati Shakti continues to reduce project deLays, enhance connectivity and streamLine Logistics.

Multimodal Logistics Parks (MMLPs)

Part of the BharatmaLa Pariyojana, the GOI pLans to deveLop 35 MMLPs with an investment of approximateLy ^46,000 crores, aiming to handLe around 700 MiLLion metric tonnes of cargo upon compLetion. By 2024-25, six MMLPs have been awarded, with seven more pLanned for the foLLowing fiscaL year. In March 2025, a Memorandum of Understanding was signed between the NationaL Highways Logistics Management Limited (NHLML) and the InLand Waterways Authority of India (IWAI) to deveLop a state-of-the-art MMLP in Varanasi, enhancing the regions Logistics infrastructure.

Dedicated Freight Corridors

As of March 2025, Indias Dedicated Freight Corridors (DFCs)-Eastern and Western—are 96.4% operationaL, with 2,741 km commissioned out of 2,843 km. Average daiLy train movement has increased from 247 trains (2023-24) to 352 trains (2024-25), peaking at 371 in February 2025. DetaiLed project reports are underway for three new corridors: East-Coast, East-West and North- South. An additionaL ^45,000 crores have been sanctioned for the next phase. Modernisation aLso incLudes 6,623 stations with eLectronic interLocking, 5,221 route km of Automatic BLock SignaLLing and wider impLementation of the Kavach safety system. AdditionaLLy, 97 Gati Shakti Cargo TerminaLs (GCTs) have been commissioned, with 277 more in the pipeLine.

Sagarmala Programme

The SagarmaLa Programme is a key initiative by the GOI to drive port-Led deveLopment and reduce Logistics costs. As of March 2025, it has identified 839 projects worth ^5.79 Lakh crores, with 272 projects worth ^1.41 Lakh crores compLeted. The programme has Led to a 118% rise in coastaL shipping and a 700% increase in inLand waterway cargo, easing road and raiL congestion. Over 40 Lakh passengers have benefitted from Ro-Pax ferries. Under SagarmaLa 2.0, ^40,000 crores are being invested to unLock ^12 Lakh crores in maritime opportunities.

Production Linked Incentive (PLI)

The PLI scheme, Launched with an outLay of ^1.97 Lakh crores, aims to boost domestic manufacturing and exports across 4 key sectors. By December 2024, it attracted ^1.46 Lakh crores in investments, enabLed ^12.5 Lakh crores in production and saLes and drove exports worth ^4 Lakh crores. The scheme has aLso generated around 9.5 Lakh jobs, highlighting its impact on Indias manufacturing and trade Landscape.

Key Trends Impacting the Sector

The Logistics industry is experiencing a paradigm shift, driven by rapid advancements in technology, changing consumer expectations, strategic government initiatives to modernise infrastructure and the ongoing formaLisation of the sector. As Indias Logistics ecosystem becomes increasingLy integrated and efficient, severaL transformative trends are emerging that wiLL define the future of this industry.

Rapid Growth of Multimodal Logistics and Infrastructure Expansion

MuLtimodaL Logistics in India has gained significant momentum due to growing government investments in infrastructure, such as dedicated freight corridors

and MMLPs. The integration of raiL, road, air and ocean transport is heLping streamLine the movement of goods across the country, improving both efficiency and cost-effectiveness. This shift from road-onLy Logistics to muLtimodaL soLutions is expected to reduce Logistics costs from around 13-14% of GDP to cLoser to 8-10%, bringing India in Line with gLobaL benchmarks. In Line with this objective, we project a steady shift from road transportation to other modes driven by favourabLe Government initiatives.

Rapid Growth of Quick Commerce in Urban Logistics with Evolving Customer Expectations

Quick commerce is reshaping urban Logistics in India, with rising demand for rapid deLivery of essentiaLs Like groceries and medicines. Expected to capture 10%+ of the grocery market in major cities in next year, its pushing Logistics pLayers to invest in Last-miLe deLivery, LocaLised fuLfiLment and advanced tech Like AI and route optimisation. The boom is aLso acceLerating shifts towards direct-to-consumer (D2C), direct-to- retaiL (D2R) and direct-to-kirana (D2K) modeLs, with pLatforms Like ONDC driving more agiLe, tech-enabLed suppLy chains. TraditionaL retaiL must adapt quickLy to stay competitive in this evoLving Landscape.

Green and Sustainable Logistics Gaining Traction

As sustainabiLity becomes a key business priority, Logistics companies are adopting eco-friendLy practices like electric vehicle fleets, carbon footprint tracking and sustainable packaging. Supported by government incentives and regulations, these providers are shifting to EVs and reducing waste through green practices. The green logistics market in India is projected to expand at a CAGR of over 6% from 2025 to 2029, driven by demand and regulatory pressure. These changes not only reduce emissions but also offer cost savings and improved efficiency, enhancing consumer Loyalty.

Strengthening Regional Connectivity and Emerging Hubs

As e-commerce grows and demand for faster deliveries rises in Tier 2 and 3 cities, regional distribution networks are becoming key in Indias express logistics. Investments in fulfilment centres and deLivery hubs are expanding to meet the demand outside major cities, supported by improving road and rail infrastructure. The shift to regional hubs is further boosted by government initiatives like PM Gati Shakti, positioning logistics companies to cater to the rising demand and create a nationwide delivery network.

Increasing Shift Towards Integrated Solutions

Amid increasing suppLy chain compLexities and the growing need for faster, more efficient delivery systems, logistics companies are transitioning from individuaL services to offering integrated, end- to-end solutions. This shift is driven by the need for better coordination between transportation, warehousing, inventory management and Last-miLe delivery. Businesses now seek a single partner who can manage the entire logistics value chain, reducing operational friction and enhancing visibility. In response, third-party logistics (3PL) and fourth-party logistics (4PL) providers are expanding their service portfolios, investing in digital platforms that unify operations and provide reaL-time insights across aLL logistics functions. 3PL companies are advancing past traditional services by linking e-commerce platforms, improving inventory transparency, delivery timelines and enabling quicker data-informed decision- making. Logistics companies are rapidly adopting digital tools Like reaL-time tracking, AI, and predictive anaLytics to boost efficiency and reduce costs. More than half of Indian Logistics firms now use map-based tooLs for shipment tracking, while key industry priorities include IoT, automation, EVs and location technologies. Warehousing is shifting towards smarter solutions, incorporating IoT for Stock Keeping Units (SKUs) management, Augmented Reality (AR) and drones for inventory checks, bLockchain for secure data, big data for demand forecasting, route optimisation software and Digital Twins to simulate warehouse operations and assess layout changes using real-time data.

Rebalancing Cross-Border Trade

The freight forwarding sector in India is undergoing significant changes due to the ongoing shifts in global trade dynamics and the countrys strategic role in the global supply chain. Trade shifts such as the China+1 strategy, rising global demand for Logistics services and the strengthening of Indias Free Trade Agreements (FTAs) are pushing the freight forwarding sector to adapt. With Indias growing status as a manufacturing hub, the demand for air, ocean and raiL freight services has surged, especiaLLy for industries Like pharmaceuticaLs, eLectronics and textiLes. Government initiatives Like ULIP and the PM Gati Shakti pLan are enhancing transparency and operationaL efficiency in freight forwarding, reducing bottLenecks in cargo handLing and optimising port and terminaL usage. CoLd chain growth, beLLy cargo utiLisation, and expanding air freight capacity are driving efficiency and positioning India as a gLobaL logistics hub.

Mobility Services - Size and Structure

Indias Mobility Market and Growth Opportunities

Indias mobiLity market, vaLued at ^1.9 Lakh crores with a CAGR of 13.55%, is dominated by B2C services (~65-70%) and B2B enterprise mobiLity factoring ~30-35%. However, 85% of the market remains unstructured, making the ^40,000 crores addressabLe market, spanning enterprise mobiLity, on-demand cabs, airport transfers and outstation services, a key growth area for us.

B2B Mobility: Enterprise Travel and Employee Transport

The B2B segment is expanding, driven by corporate traveL resurgence, hybrid work adoption and sustainabiLity mandates for EV fleet. Businesses are shifting from fragmented transport providers to tech- enabLed, structured mobiLity soLutions with enhanced compLiance standards and higher fleet ownership. EV adoption, service reLiabiLity and cost efficiencies are reshaping the market, favouring consoLidation over regionaL fragmentation.

MLL, through its brand Alyte, operates in the B2B space, offering enterprise mobiLity and on- caLL services taiLored for industries such as IT, ITeS, Banking, FinanciaL Services and Insurance (BFSI), BPO, consuLting, e-commerce, and manufacturing. Despite the market being highLy fragmented, we anticipate consolidation, driven by rising compliance demands, cost efficiencies and an increasing focus on green mobiLity, which smaLLer regionaL operators struggLe to accommodate.

B2C Mobility: Ride-Hailing, Airport Transfers and Outstation Services

The B2C mobiLity sector is experiencing robust growth, driven by a rising preference for premium ride services. Airport transportation remains a key growth segment, supported by air traveL expansion (4-15% CAGR across major hubs) and growing demand for seamLess, high-quaLity, and eLectric fleet soLutions.

The shift towards premium and sustainabLe mobiLity is accelerating, prompting innovation in service reliability and customer experience. MLL, through Meru, operates at major airports, offering dedicated pickup counters for airport transfers, outstation traveL, and ride-haiLing services, ensuring a comfortabLe and efficient traveL experience.

With a favourabLe industry outLook, MLL is scaLing its B2B and B2C mobiLity footprint, focussing on premium offerings, enterprise customers and sustainabLe services through EV integration. The push for dependabLe, compLiant, and sustainabLe tech- driven mobiLity soLutions positions MLL for sustained growth and market Leadership in an evoLving mobiLity landscape.

Key Trends Impacting the Mobility Sector

Increasing Demand for EV Fleet and Focus on Sustainability

EV fleet demand in India is rising due to fueL costs, government incentives and corporate sustainability goaLs. Ride-haiLing firms, airport taxis and EmpLoyee Transport Management System (ETMS) providers are switching to EVs to cut emissions. Businesses and airports are mandating EV adoption to meet ESG targets, whiLe improvements in charging and battery tech are set to drive rapid growth.

Growth of Premium and Subscription-based Cab Services

Demand for premium cab services is growing as consumers prioritise comfort and reLiabiLity over cost. Subscription-based modeLs with fixed monthLy fares are gaining traction among corporate users for predictabLe expenses and better service. In airport taxis, pre-booked premium services with dedicated fleets, priority pickups and fixed pricing are replacing on-spot bookings for a seamless travel, experience.

Growth in Air Passenger Traffic and Business Travel

Indias aviation sector experienced robust growth in 2024, with domestic air traffic increasing by 6.12% to 16.13 crores passengers. The six major metro hubs managed over 50% of total, traffic, while a surge in business travel, positioned India as the 9th Largest gLobaL business traveL market. Enhanced air connectivity, corporate traveL resurgence and rising investments in Tier 2 and 3 cities continue to drive sustained expansion in the sector.

Shift Towards Multimodal and Integrated Mobility

Urban mobiLity is evoLving with integrated first and Last-miLe soLutions, incLuding bikes, shuttLes, and metro- Link services. MobiLity-as-a-Service (MaaS) pLatforms are streamLining transit by unifying cabs, metros, buses and EVs into a seamLess digitaL ecosystem. Partnerships between airport taxi aggregators and metro/intercity raiL services are enhancing traveL efficiency, driving sustainabiLity, and optimising urban transport.

Disintermediation across Value Chain

Consumers and industry pLayers are cutting intermediaries by investing in technoLogy for trip management and route optimisation. Ride-haiLing firms are adopting zero-commission modeLs for autorickshaw drivers, repLacing them with subscription fees. This shift aims to improve driver satisfaction and streamLine operations, reflecting broader industry trends.

C. OPPORTUNITIES AND ^CHALLENGES

Opportunities

Opportunity to capitalise on demand for integrated, differentiated and flexible solutions

The Indian Logistics sector is growing rapidLy, especiaLLy in Tier 2 and 3 cities, fueLLed by infrastructure growth, government initiatives and e-commerce expansion. Customers increasingLy seek integrated, flexibLe, and scaLabLe warehousing soLutions to meet their evoLving suppLy chain needs. MLL is weLL-positioned to address this demand with our network of energy- efficient BuiLt-To-Suit (BTS) warehouses, currentLy totaLLing over 5 miLLion sq. ft., with pLans to expand per our aspirations in 2025-26.

In addition, there is growing demand for dedicated transportation logistics services that are both flexibLe and cost-effective. As the business Landscape continues to evolve, customers need reliable transportation soLutions that adapt to their unique requirements. MLL has responded with ProTrucking, a premium Long-hauL service offering 100% on- demand, dedicated fleet avaiLabiLity across the country. This offering is fuLLy integrated with our customers supply chains, ensuring optimal service deLivery and operationaL efficiency.

Opportunity to take advantage of growing demand for fulfilment in direct-to-consumer, hyperlocal and e-commerce space

The rise of digitaL adoption and omnichanneL retaiL is prompting businesses to re-engineer their suppLy chains. SmaLL businesses are increasingly embracing D2C modeLs, whiLe Larger brands expLore D2K channeLs and onLine stores. This shift presents compLexities in managing both B2B and B2C fuLfiLment. MLL is weLL- positioned to address these chaLLenges by offering integrated fuLfiLment and distribution soLutions, incLuding express and Last-miLe deLivery services. We are particuLarLy capitaLising on the rapid growth of quick commerce in sectors such as Fast Moving Consumer Goods (FMCG), Fast Moving Consumer DurabLes (FMCD), pharmaceuticaLs and groceries.

Our robust technoLogy infrastructure, combined with sector expertise and strategic acquisitions of Whizzard and Rivigo, enabLes us to strengthen our Last-miLe and express Logistics capabiLities. As consumer demand for instant deLivery continues to rise, hyperLocaL Logistics modeLs are becoming increasingLy essentiaL. By Leveraging micro-fuLfiLment centres and LocaLised deLivery hubs, MLL can meet the growing need for faster deLiveries of essentiaL goods, tapping into the expanding quick commerce market.

Opportunity to expand multimodal services to our customers

The Gati Shakti MasterpLan aims to enhance Logistics efficiency and reduce costs, boosting Indias gLobaL competitiveness. By promoting seamLess inter-modaL freight movement, the pLan connects ports, raiL and road networks through a hub-and-spoke modeL, whiLe aLso estabLishing Logistics parks around DFCs. Many companies are now expLoring alternative transport modes such as raiL, inLand waterways and coastaL shipping to reduce Logistics expenses. At MLL, we offer muLtimodaL services, incLuding raiL transport for the auto and agricuLturaL sectors and are expanding these soLutions across other industries. These muLtimodaL capabiLities present significant opportunities for MLL to deLiver integrated, end-to-end Logistics soLutions, focussing on the most cost- and time-efficient modes to meet our customers diverse needs.

Opportunity to expand cross-border logistics due to rebalancing of global SCM

Cross-border trade from India is growing, driven by strong economic growth and the adoption of the China+1 strategy, making India a preferred manufacturing hub. The PLI scheme further boosts domestic manufacturing, increasing demand for freight forwarding services. Through our subsidiary Lords, we are weLL-positioned to Leverage end-to- end freight forwarding capabiLities. AdditionaLLy, our expansion into air chartering strengthens our gLobaL network and supports criticaL trade Lanes, positioning us to thrive amid geopoLiticaL tensions and market voLatiLity.

Leading green logistics portfolio

Logistics and transportation contribute 13-15% to Indias carbon footprint, prompting companies to seek partnerships for reducing emissions. At MLL, we focus on sustainabiLity through carbon neutraLity, circuLarity, and resource conservation, with our eDeL EVs significantLy cutting CO2 emissions. We are aLso investing in sustainabLe infrastructure, energy conservation and packaging. By joining the Science Based Targets Initiative (SBTI), we are aLigning our projects with measurabLe metrics to achieve carbon neutraLity by 2040.

Challenges

Slowdown in consumption, impact on utilisation

The economic sLowdown has reduced freight demand and network utiLisation, impacting suppLy chain efficiency and profitabiLity. Industries such as FMCG and automotive have faced increased disruptions, whiLe Logistics service providers (LSPs) are under pressure to sustain resource utiLisation.

Impact of geopolitical conflicts on supply chain

The Economic Survey 2024 highLights that escaLating geopoLiticaL tensions couLd Lead to suppLy chain disruptions, increased commodity prices and inflationary pressures. Such conflicts may necessitate rerouting and cause deLays, impacting gLobaL trade dynamics.

Heightened regulatory oversight and infrastructure constraints

The Logistics sector is experiencing intensified reguLatory scrutiny, with an increase in audits and quaLity inspections aimed at driving higher compLiance and service exceLLence under nationaL Logistics initiatives. Recent enforcement actions against non-compLiant goods in key warehouses reinforce the imperative for Logistics providers to maintain strict reguLatory aLignment to mitigate risks of penaLties and operationaL disruptions.

SimuLtaneousLy, infrastructure Limitations, incLuding persistent road congestion and the sLow deveLopment of muLtimodaL hubs continue to chaLLenge Last-miLe deLivery, particuLarLy in Tier 2 and 3 cities. Overcoming these constraints wiLL require strategic investments in smart urban Logistics soLutions and the expansion of micro-fuLfiLment networks.

Talent, labour constraints and wage inflation

The avaiLabiLity of skilled workforce remains a significant challenge, especiaLLy during peak periods, resulting in wage inflation due to a sustained demand- suppLy gap. To attract and retain top taLent, offering competitive compensation is vital; Lower wages wouLd compromise workforce quaLity, negativeLy impacting productivity and operational efficiency. WhiLe higher wages may increase customer costs, they are essentiaL for sustaining high productivity, service quaLity and Long-term growth. It is criticaL to manage the taLent pipeLine effectively and set cLear expectations regarding potential cost overruns and productivity chaLLenges arising from Labour constraints.

Pricing and inflationary pressure from clients

Rising input costs, driven by higher commodity and crude oiL prices, have intensified customer focus on cost rationalisation, leading to greater pricing pressure in contract Logistics and Last-miLe deLivery. This mandates focussing on vaLue addition and driving cost-reduction initiatives across the organisation.

D. BUSINESS ^LINES

MLL offers a comprehensive suite of services, incLuding warehousing, distribution, fuLL truck Load and part truck Load transportation, crossborder solutions and enterprise mobility solutions through five unique business Lines. These businesses coLLectiveLy utiLise shared infrastructure and cater to diverse industries such as automotive, engineering, consumer goods, pharmaceuticals, telecom, retail and e-commerce.

We manage over 20 miLLion sq. ft of warehousing across India, incLuding muLti-user, buiLt-to-suit warehouse facilities, network hubs and cross-docks. Our in-factory stores and Linefeed services operate at 40+ manufacturing sites. With a fleet of 1,500+ eDeL EVs and our express network, we cover 19,000+ pin codes for sustainabLe Last-miLe deLivery. Supported by 1,500+ trusted business associates, we serve leading domestic and global clients across sectors Like auto, manufacturing, e-commerce, retaiL, pharma, and telecom, among others.

FoLLowing are our offerings across the SCM and MobiLity sectors:

3PL Contract Logistics and Solutions

This is our core offering, combining warehousing, distribution and transportation services tailored to end-market and industry-specific needs.

We manage inventory, optimise storage, and ensure timely deliveries to enhance operational efficiency and reduce costs. Supported by advanced technology and industry expertise, we streamline logistics so clients can focus on their core business. We offer tailored, comprehensive end-to-end logistics solutions, including inbound and outbound full truckload (FTL) transportation, warehousing solutions, in-plant logistics, just-in-time services, returns processing, distribution and other vaLue-added services to our clients. The 3PL business frequently harnesses our other service lines to deliver integrated solutions to our customers. Lastly, within our integrated soLutions segment, we offer end-to-end suppLy chain integration, aLong with other services.

B2B Express Services

MLL offers time bound, part truckload (PTL) services through a network of 260+ processing centres and branches across the country via hub and spoke model. The business provides value-added services to customers consolidating loads from enterprise customers and business partners. We have a pan-India coverage of 19,000+ pin codes with 400+ partners for first-miLe and Last-miLe connectivity. The business has best-in-cLass integrated technoLogy stack which encompasses differentiated customer service reducing cost-to-serve through better Lane optimisation, Load management, hub process management, translating into lower delivery time and improved service quality.

Another unit of the express business is regional distribution, wherein we focus on deLiveries from distribution centres to dealers/distributors, ensuring flexibility, optimum delivery times, and end-to-end visibility. An in-house system has been developed to provide portaL access to customers which aLLows them to track the live status of their shipments.

Last-Mile Delivery

Our specialisations include B2C distribution, fulfilment as a service and delivery as a service for our enterprise customers in e-commerce and FMCG/FMCD segments. With a footprint of over 300 last-mile stations across the country, we operate independent and customercentric delivery stations.

We have pioneered the use of EVs through our eDeL service with 1,500+ EVs, which is one of Indias largest electric last-mile delivery fleets. This initiative not only reduces carbon emissions but also provides a cost- effective and efficient delivery solution for businesses.

Cross-Border

Our cross-border logistics portfolio encompasses a range of solutions, including ocean freight, air freight, air charter services, break-bulk operations, and customs clearance. These services are anchored by Lords, which leads our freight forwarding business.

Major strategic focus is on building and strengthening international partnerships with global organisations and partner brokers. These relationships not only drive an increase in global nominations - leading to higher volumes of cross-border movements but also help establish our presence in key international markets without a physical footprint. This approach effectively complements our domestic operations and strengthens our key trade lanes across LATAM and the Far East.

Mobility Services

Our tech-enabled mobility solutions span both enterprise and people mobility. For corporates, we provide safe, reliable employee transport across India, serving 200+ clients in sectors like IT, ITeS, BPO, finance, consulting, e-commerce, telecom, and manufacturing. In the B2C space, we operate under the Meru brand at 10+ Indian airports, offering assured rides via dedicated booking counters, kerbside pickup, and trained chauffeurs. With a focus on technology and sustainability, we deliver seamless and eco-friendly mobility experiences.

Subsidiaries and Joint Ventures

Lords Freight (India) Private Limited provides international freight forwarding services for exports and imports, customs brokerage operations, project cargo services and air charters. With an established global network of agents spanning China, South Korea, Southeast Asia and Western Europe, Lords is renowned for its capabilities in providing end- to-end cross-border services. The services encompass freight movement through ocean and air, custom clearance, transportation to transit warehouses and mother warehouses.

V-Link Freight Services Private Limited is a whoLLy owned subsidiary of MLL. It offers freight forwarding, Logistics and transportation, and air charter services.

2x2 Logistics Private Limited our Joint Venture with IVC Logistics Limited, provides Logistics and transportation services to originaL equipment manufacturers (OEMs). The companys offerings enable the OEMs to carry finished automobiles from the manufacturing/assembLy locations to stockyards or directly to the distributors through speciaLLy designed vehicLes. AdditionaLLy, it owns and operates over 150 vehicle carriers, with MLL being its primary customer.

MLL Express Services Private Limited is a whoUy owned subsidiary of MLL. It provides B2B express logistics services under the brand name Rivigo by Mahindra Logistics. With a pan-India network of operations, the company currentLy covers over 19,000 pin codes across the nation.

MLL Mobility Private Limited is a whoLLy owned subsidiary of MLL. InvoLved in the business of providing B2C transportation services and corporate transportation solutions, it serves a wide spectrum of sectors, incLuding BPOs, Banking, IT and ITES in ride-haiL segment. MLL MobiLity aLso boasts a fleet of over 200+ vehicLes.

ZipZap Logistics Private Limited operates under the brand ofWhizzard, is a part of MLLs subsidiaries with 64.10% stake in the business. With fuLL stack digitaL capabiLities and micro-distribution centres covering 3,000+ pin codes, Whizzard has grown 10x in Last three years. Whizzard strengthens our EV-based Last-miLe deLivery (eDeL) and boosts our reach in e-commerce and quick commerce. The coLLaboration is expected to provide customers with integrated solutions and drive rapid business scaLing in the coming years.

Seino MLL Logistics Private Limited our Joint Venture with a prominent Japanese Logistics firm Seino HoLdings Co. Ltd., Japan (SHD), provides integrated Logistics soLutions to Japanese automotive and strategic non-auto customers in India. Leveraging MLLs extensive network and SHDs expertise with Japanese automotive customers, the Joint Venture aims to deLiver soLutions whiLe prioritising technoLogy, process innovation, operationaL exceLLence and sustainabiLity.

E. BUSINESS STRATEGY & -^OUTLOOK

In 2019-20, we set an ambitious vision to become a ^10,000 crores Logistics service provider by 2025-26. This vision is rooted in our commitment to deLivering exceptionaL customer experiences through innovative and technoLogy-driven soLutions. To turn this vision into reaLity, we estabLished strategic priorities focussed on expanding our presence in profitabLe markets through four core pLatforms. We have made substantiaL progress in aLigning our initiatives with this vision. In the coming years, our focus wiLL be on enhancing our offerings, driving seamLess execution and unLocking synergy benefits to reaLise our goaL.

Develop and expand offerings

In 2024-25, we deveLoped severaL new offerings, incLuding ProTrucking, the Emission AnaLytics Report (EAR), regionaL distribution and B2C premium cabs, whiLe other offerings were also initiated during the year.

ProTrucking soLution offers a dedicated, premium and fueL-efficient fleet taiLored for extensive pan-India Line hauL movements, ideaL for supporting muLti-site customer operations. This offering provides 100% on-demand, dedicated fleet avaiLabiLity across the country, integrated tightLy with customers suppLy chain operations. Our advanced technoLogy pLatform provides reaL-time fleet visuaLisation and seamLess system integration, enabLing proactive decisionmaking and superior controL.

EAR is a digitaL pLatform that heLps businesses achieve sustainabLe Logistics with a user-friendLy interface and powerfuL anaLytics. It offers reaL-time carbon emission visuaLisation, enabLing organisations to monitor, manage and reduce Scope 3 emissions across their transport networks. Certified by the GLobaL Logistics Emissions CounciL (GLEC) and aLigned with ISO 14083 standards, it deLivers shipment-LeveL emission reporting. It integrates data such as transport mode, vehicLe type, fueL usage, distance, and weight to provide accurate, actionabLe insights for ESG compLiance and sustainabiLity goaLs.

Regional distribution service focusses on deLivering from distribution centres to deaLer/ distributors ensuring flexibiLity, optimum deLivery times and end-to-end visibility. An in-house system has been curated to provide portaL access to customers which aLLows them to track the Live status of their shipments.

B2C premium cabs as an offering have been conceptuaLised which incLudes tech-enabLed, comfort- focussed peopLe mobiLity soLutions for individuaL and corporate cLients. It emphasises safety, reLiabiLity and personaLised experiences. With an estabLished airport transfer presence in Tier 1 cities, the new offering aims to deepen market penetration and cater to premium customers.

Revamping brand strategy

In 2024-25, MLL unveiLed a new brand identity, marking a major step in its evoLution towards growth and innovation.

The dynamic new Logo reflects the Companys aspiration to scaLe new heights, and its focus on technoLogy, sustainabiLity and operationaL exceLLence. This rebranding captures the essence of the Companys core vaLues and future-ready vision with an emphasis on coLLective strength and continued forward momentum. This rebranding unifies aLL business segments under a common purpose, deLivering integrated, agiLe and customer-centric Logistics soLutions. At its core, the new identity ceLebrates the coLLective strength of empLoyees, reinforcing the Companys commitment to driving sustainabLe growth, enhancing customer vaLue and advancing stakehoLder progress.

Expand network services portfolio of B2B express, last-mile delivery and cross-border freight

B2B express

B2B express Logistics continues to gain momentum as customers prioritise deeper deLivery penetration, greater digitaL adoption and agiLe suppLy chains. In 2024-25, we compLeted the integration of Rivigo, focussing on business turnaround and optimisation. We also expanded our express offerings with regional distribution. It leverages surface express network for time-bound deliveries from distribution centres to deaLers/distributors, ensuring flexibility, end-to-end visibility, reduced Damage, Excess, Pilferage, Shortage (DEPS) and competitive Turn Around Time (TAT). The focus areas for 2025-26 wiLL be improving the net service levels, increasing sales coverage and unlocking more synergy potential with 3PL.

Last-mile delivery (LMD)

This service focusses on the use of EVs through eDeL, which is one of the Indias largest electric last- mile delivery networks. The initiative concentrates on reducing carbon emissions and providing a cost- effective and efficient delivery solution for clients. Our specialisations include B2C distribution, fulfilment and deLivery services for our enterprise customers in e-commerce and FMCG/FMCD segments. Whizzard, one of our subsidiaries operating in LMD space, has achieved remarkable growth, expanding 10 times in the last three years. By integrating Whizzards technoLogy capabiLities and operationaL expertise, we aim to strengthen our presence in e-commerce and quick commerce sectors across the key markets.

Cross-border freight

The business faced broad macroeconomic chaLLenges, including shifts in global trade flows and high volatility in freight rates. However, we were able to partiaUy offset the impact through volume growth. During the year, we established key partnerships in China and Europe, which led to positive outcomes, including global nomination business across major lane. We remain committed to strengthening these relationships and expanding our portfolio with partners focussing on Far East and LATAM markets.

Focus on providing differentiated and integrated solutions

Supply chain complexities increased significantly in the recent past to address changing consumer preferences and demands. In response, our customers seek soLutions that optimise their end-to-end needs: from imports and inbound transportation, to storage, outbound transportation, distribution, fulfilment, right up to returns processing and reverse logistics. Keeping this trend in mind, we deveLoped sector-specific soLutions, revamped our saLes processes and technicaL capabiLities and our aLigned soLution design organisation to offer tailored solutions to our customers. We are looking to enhance our solutions and provide more options with the integration of offerings from the strategic acquisitions, made during last two years, with the core business. In the mobility segment, our focus is on driving greater integration across services, to position the Company as the one-stop-shop for aLL enterprise mobiLity requirements of our customers.

Drive operational excellence by focussing on standardisation, customer experience and functional excellence

We are continuousLy working towards estabLishing best-in-cLass processes and systems across the organisation. Our Centre of ExceLLence team works towards standardisation of operations across sites, deveLoping functionaL competencies and expLoring potentiaL for automation and innovation at our sites. We continue to develop and adopt consistent and common operating systems focussed on safety, workforce management, productivity and process exceLLence. ALongside, we prioritise enhancing and integrating our soLution design capabiLities to deLiver a consistent experience to our customers, encompassing the entire suppLy chain: from design to deLivery.

During the year, we revamped our customer service process to make it more proactive. We integrated SaLesforce Customer ReLationship Management (CRM) to deLiver seamLess experience across the customer journey, right from onboarding to probLem identification and resoLution. We intend to nurture our reLationship with customers and become a strategic supply chain partner.

The transportation service Line contributes significantLy to our operations. We source our fleet from a Large network of business associates spanning the country and foLLow a robust mechanism for partner seLection, onboarding and deveLopment. AdditionaLLy, we undertake a host of programmes aimed at improving partner LoyaLty, service quaLity and performance. During the year, we joined hands with an e-commerce major for integrated pan-India LinehauL soLutions. Through this coLLaboration, we managed to improve turnaround times and service quaLity, reduce the TotaL Cost of Operations and improve service levels.

Our industry witnessed a consistent trend of suppLy chain consoLidation post-GST impLementation, and we continue to take advantage of this opportunity. We entered contract with Large, smart and muLtiuser warehouses at strategic Locations across India, to utiLise their abiLity to suit the highly flexibLe needs of end-markets. We pLan to keep expanding our network of BTS warehouses over the next few years.

There is an increased focus on operationaL exceLLence in our Express business as significant steps are being taken to improve service LeveLs and optimise costs. OperationaL bLuebook has been reLeased with a focus on standardising and enhancing aLL our operations. About 25 QuaLity Check (QC) machines were instaLLed across our processing centres and shop floor management has been impLemented for better management across our sites. Continuous steps are being taken to Lower DEPS for improving overaLL customer experience.

Within the mobiLity segment, there is a continued focus on operationaL exceLLence with a high impetus on vehicLe and driver safety, enhanced service LeveL assurance and digitisation on operating processes. This wiLL enabLe us to enhance service quaLity and reduce the TotaL Cost of Ownership (TCO) per trip.

Digitisation and innovation

Over the years, we have consistentLy invested in digitisation and technoLogy to enhance operationaL efficiency and better serve our customers. CentraL to this effort is the deveLopment of LogiOne, our flagship integrated tech stack, which consoLidates transport, warehouse, ocean, air freight, express and Last-miLe management systems. LogiOne aLso features an optimisation suite for Load and route pLanning, aLL feeding into a centraL data Lake where advanced anaLytics drive smarter decision-making and operationaL exceLLence. By unifying saLes force and ERP systems, we have streamLined workflows, improved visibiLity, reduced manuaL efforts and fostered faster, more personaLised customer interactions.

To stay ahead of tech trends, we have piLoted emerging soLutions such as drones, Automated Guided VehicLes (AGVs), IoT and are buiLding the MLL TechnoLogy and Automation Centre at our BTS warehouse park in Pune to test, scaLe and depLoy these innovations nationwide. Our innovation cuLture is further driven by initiatives Like CatapuLt, our startup incubation programme and CatapuLt-Techathon, which engages academia in soLving reaL-worLd Logistics chaLLenges, bringing in fresh taLent and ideas.

In our mobiLity business, technoLogy pLays a criticaL roLe in optimising route profitabiLity and customer experience. By enabLing inter-operabiLity across fleets and service tiers, we have improved vehicLe utiLisation, increased earnings for driver-cum-owners (DCOs) and enhanced EV fleet performance, aLL whiLe maintaining a strong customer-first approach.

F. VALUE TO -^CUSTOMERS

Amid market challenges, we remain committed to delivering exceptional customer experience through focussed strategic execution. Our tech-first, integrated service modeL enhances suppLy chain agiLity, resilience and satisfaction at every touchpoint. Investments in 2025-26 aim to optimise cost-to-serve while expanding reach and operational excellence. With a strong market position, we are inspired to create long-term value for our customers: from seamless service integration to faster, more reliable operations. Our mission is clear: enhance customer value and experience through sustainable and scalable growth.

With strategic investments, expansion initiatives and a focussed approach to drive efficiency in 2025-26, we are set to strengthen our role in seamLessLy connecting India through a diverse range of logistics services and solutions.

# Our commitment to enhancing our suite of services and solutions has been a key driver of our growth, enabling us to better serve our valued customers across FMCG, e-commerce, pharma, retail and FMCD sectors.

# In 2024-25, integrated solutions accounted for over 10% of our revenue, reflecting the rising demand for comprehensive logistics offerings. We are dedicated to increasing this share to over 25% by the end of 2026. Additionally, nearly 50% of our top 100 customers leverage more than two services from our portfolio, highlighting the strength and depth of our engagement with key partners.

# As of 31 March 2025, we operate in over 19,000 pin codes, encompassing a substantial portion of the countrys economic activity.

# Our last-mile delivery business serves over 4,000 pin codes for B2C fulfilment, with full-truckload operations sustaining its growth momentum, by collectively covering over 10 Mn km in 202425. We also launched ProTrucking, a high- performance dedicated network transportation, catering to our Larger customer base.

<# We continued to expand our multimodal rail logistics for automotive and farm customers. In 2023-24, over 11% of the total volume for Auto

OEM customers was transported end-to-end via rail. During the year, we added substantial multiclient and custom warehousing capacity and launched expansions in various areas.

# We expanded our warehousing capacity by adding 0.97 Mn sq. ft. of facilities, including the growth of our multi-client units in 2024-25. By the end of Q1 2025-26, we are set to offer 7 Mn sq. ft. of built-to-suit warehousing space for our clients across key regions nationwide—North: Luhari; West: Bhiwandi, Nashik, Pune; Central and South: Hyderabad, Chennai; and East: Kolkata, Agartala and Guwahati.

# We made significant investments to expand our technology and digital capabilities. The development of the LogiOne ecosystem saw the release of our transport management system, warehouse management system and other systems, which will be integrated together to provide customers with higher levels of visualisation and optimisation of the supply chain.

We are building a future-ready logistics institution offering seamless, end-to-end solutions that enhance efficiency, reduce costs and improve service reliability. By integrating surface express, warehousing, air freight and last-mile delivery, we deliver a tech- enabled, adaptive supply chain. Our EV-enabled last-mile network through eDeL ensures faster, greener deliveries and lowers client costs. Expanding warehousing capacity (including BTS warehouses) and strategic airline tie-ups boost nationwide connectivity for effortless scaling and flexibility. With innovation, sustainability and service excellence at our core, we empower businesses to grow and thrive in a dynamic market.

G. RISKS &

-^CONCERNS

We operate in a highly fragmented yet rapidly evolving market, one poised for transformational change that impacts miLLions, incLuding socioeconomicaLLy disadvantaged communities. This dynamic landscape reinforces our commitment to strengthening our risk governance framework, ensuring business sustainability while driving inclusive growth.

Our Board of Directors plays a pivotal role in shaping, developing, and reviewing our risk management framework. This comprehensive approach includes poLicies, processes, and mechanisms to proactiveLy identify, manage and mitigate risks while uncovering new growth opportunities. By defining our risk appetite, prioritising mitigation strategies, and implementing structured processes, the Board ensures resilience and agility. Our robust organisational framework enabLes businesses to anticipate, assess, and report risks effectively, fostering a proactive and future- ready enterprise.

Key Risks Faced by Our Business	Concentration of our business with a few accounts or within a particular sector may impact our performance if unforeseen challenges affect those clients or the sector.	# We are constantly diversifying our portfolio of services with value-additions, enabling us to target a wider base of customers.
Customer Concentration Risk		# We initiate continuous interaction and engagement with our customers to gather timely insight into their business requirements and gauge their strategic thinking in terms of their business continuity pLans.
		# We ensure immediate redressal of their grievances and use technological tools to enhance our services, including robust CRM processes and platforms, among others.
Compliance Risk	Our operations across multimodal transport and third-party logistics come under various domestic and internationaL LegaL frameworks. Any instance of non-compliance to local, nationaL or internationaL laws threatens our operations as well as our reputation.	# We inculcate a strong culture of compliance through a comprehensive process framework, aided by set protocols and technological tools such as WeComply.
		# We educate our team regularly to make them aware of their responsibilities towards ensuring compliance with all the applicable laws and regulations.
Cost Escalation Risk	Rising input costs, driven by inflationary pressures, may affect business margins.	# We focus on scaling up volumes to achieve economies of scale and foster resource sharing among subsidiaries to attain synergistic gains.
		# We boast a robust management team who remains committed to diligently pursue direct cost-saving projects to optimise operational expenses.
	New-age startups, with advanced technological, solutions, may act as disruptors for the Company.	# We continue to integrate advanced technological solutions to ensure we stay at the forefront of innovation in logistics.
Competition Risk		# We chart our M&A strategy to build tech-based partnerships with new-age companies.
		# We maintain the right degree of penetration and volumes within our target markets.
Financial Risk	Efficient working capital, management is critical, to the smooth functioning of supply chains of the Company.	# We ensure readiness of banking lines through a robust monitoring of cash flows and strong, trust-based partnerships with our clients and our vendor/partners.
Non-Market Risk	Certain poLicy changes or macroeconomic events may have a negative impact on our business.	# We harness our robust compliance framework to monitor the policy development landscape both domesticaky and internationaLLy # We draw strength from our diversification strategy to help us better manage our response to macroeconomic chakenges.
Social Risk	Potential lapses in adherence to our values, ethics, and our commitments to protecting and upholding human rights, diversity and inclusion could adversely impact our relationships with our clients and key stakeholders.	# We thrive on a robust CSR governance with Board oversight, which prioritises values that honour human rights, diversity and inclusion.
Operational Risk	A mismatch in capacity utilisation of BTS space could impact our operational efficiency and profitability.	# We prioritise regular monitoring of market trends and sales forecasts to avoid building capacity earlier than required.
		# We continue to target a wider client base for our EMS operations to ensure consistent growth across markets.
Technology Risk	Advanced data-driven technology underpins the functioning of all our business verticals. Any impairment, downtime, or cybersecurity event would potentially impact our business continuity and the integrity of our customer data.	# We invest in advanced technological solutions that enable us to secure our processes and data.
		# We monitor and review the adequacy of these measures continuously.
Supply Chain Risk (Upstream and Downstream)	Efficient management of labour is critical to our ability to service our clients successfully. Any disruption in this area may affect our business continuity.	# We formulate robust legal and contractual frameworks that cover compliances from our partner side. We attach immense importance to open, fair and transparent communication.
		# We engage closely with our contractual staff through cokaborative processes and initiatives on customer sites, especially pertaining to issues of compliance, health and safety and employee well-being.
Internal Risk	Our business is human capital-intensive. Situations adversely affecting the health and well-being of our people stand to impact our operations. It is equally important that our workforce demonstrates the appropriate skill level to drive efficient output.	# We place the physical safety and well-being of our people above all, as evident from our HSE Policy that reflects a robust health and safety process framework. We boast the industrys best safety practices and standardised protocols to reduce the margin of error.
		# We uphold continuous investments in skill upgradation programmes for our people, especially with a view to empower them within a technology-first environment. This prepares us to future-proof the Company.
Strategy Risk	Our ability to predict emerging risks and opportunities is critical to our success in driving our business profitably and identifying the right partnerships as well as customer segments.	# We harness a detailed and comprehensive business continuity plan as part of our risk management framework, in line with our organisational goals and priorities.
		#> We continue to revise our Business Continuity Plan (BCP) with respect to key developments impacting our sector.

H. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The management of the Company is committed to ensuring effective internal, control, systems, commensurate with the size and the complexity of the business. The adequate and effective internal, controls, established by us, seek to achieve MLLs compliance and reporting objectives. The controls are depLoyed through various poLicies and procedures, which are periodically revisited to ensure that they remain updated with the changes in the business environment. Moreover, these poLicies, and processes are regularly evaluated by internal and statutory auditors, with suggestions to further strengthen them and enhance their efficacy shared with respective process owners, following which requisite changes are made.

We invest in various IT initiatives to automate controls to the extent possible and minimise errors and lapses. The Audit Committee reviews the adequacy and effectiveness of our internal control environment and monitors the implementation of audit recommendations.

I. HUMAN RESOURCES ^DEVELOPMENT

At MLL, our people are at the core of our success to become a ^10,000 crores logistics service provider. Our strategic focus is centred on fostering innovation, strengthening problemsoLving capabiLities and buiLding a robust taLent pipeline while leveraging analytics for data-driven people decisions—all key elements that drive our competitive edge. By enhancing the overall employee experience, we ensure the successful achievement of targeted deliverables. Additionally, we remain dedicated to empowering communities by prioritising the recruitment of individuals living below the poverty line. Our initiatives in third-party workforce and business partner management further reinforce seamless engagement and harmonious workplace reLationships.

In 2024-25, we further strengthened our commitment to fostering an inclusive, high-performing, and future- ready workforce through structured initiatives in inclusion and diversity, talent development, employee well-being and digital HR transformation. These efforts were designed to enhance productivity, engagement and long-term career growth opportunities while reinforcing our position as an employer of choice in the logistics industry.

Inclusion, Diversity, Equity & Accessibility (IDEA)

At MLL, inclusion, diversity, equity & accessibility are at the core of how we shape a future-ready organisation. In 2024-25, MLL accelerated IDEA agenda with measurable impact across hiring, retention and culture-building.

We saw measurable outcomes from this commitment. Women now represent 10.90% of our total employee strength. Intentional hiring across leadership, middle management and frontline roles resulted in nearly 50% year-on-year growth in key bands, while attrition among women dropped significantly from 37.41% to 31.90%.

But diversity for us goes beyond numbers. It is about enabling access, equity and belonging. Through our PRIDE Internship programme, we onboarded 7 LGBTQIA+ interns, 3 of whom were offered full-time roles. Our Rainbow Network Employee Resource Group (ERG) led powerful sensitisation workshops across 21 sites, reaching 860+ employees and championed inclusion through on-ground experiential activities during Pride Month.

Our belief in ability over limitations found expression in SABAL, our ERG for persons with disabilities, which trained 103 employees in Indian Sign Language and built a network of over 1,000 sensitised allies across sites. Veterans were welcomed and integrated through VEER ERG, setting a strong tone for hiring more veteran talent in the Company. Young management talent and graduate trainees flourished through Rising Stars Network, while PRERNA, our womens ERG, expanded to 165 members and drove flagship programmes like PRERNAMeansBusiness, leadership workshops and health webinars reaching 2,000+ employees.

Our approach to well-being was reimagined through initiatives like the Well-being Support Policy, which offered women a monthly Work from Home (WFH) day for personal care, ensured sanitary pad availability and introduced menopause support, benefitting over 1,500 employees through wellness sessions, with 20% of women opting for flexible work. Additionally, our New Parent Policy broke new ground in the Logistics sector by supporting aLL caregivers, with 236 empLoyees utilising it within the first year.

This year, we have focussed on building a culture rooted in safety, respect and inclusion. By scaling Prevention of Sexual Harassment (POSH) trainings to on-roLL employees, introducing multilingual e-modules and enhancing IDEA induction and ERGled outreach, we have embedded equity and awareness across the Company. At MLL, this is not just strategy but a cultural shift, through policy, practice and people-led initiatives, MLL is setting a new standard in inclusive logistics, one where every individual is seen, supported and empowered to thrive.

There were 3,854 permanent employees on the payroLL of the Company as on 31 March 2025.

Talent Management: Driving Capability Building and Leadership Growth

At MLL, our people are our greatest asset. In 2024-25, our talent strategy focussed on seamless onboarding, building future-ready capabilities, enabling high performance and strengthening leadership, aligned with our Rise philosophy and long-term business goals.

# Seamless Onboarding:

We revamped our induction into a four-hour digital format, ensuring swift cultural alignment for new employees. A single cohort of over 300 employees rated the programme 4.72/5, our highest ever.

# Performance Management with Unnati:

Our Unnati framework reinforced a transparent, inclusive performance culture. About 474 managers were trained to deliver effective feedback, drive bias-free evaluations and promote psychological safety. Hundred percent of the grievances were resolved swiftly, with empathetic Performance Improvement programme supporting employee development.

# Learning and Capability Building:

We launched GurukuL, a digital learning platform enabLing personaLised, anytime Learning. Initiatives like MLL Ki Paathshala and domain- specific programmes contributed to over 1,40,000 learning hours, averaging 34+ hours per employee.

# Leadership Development:

Our Flex programme trained 138 high-potential employees, several of whom progressed into critical leadership roles. Group-level programmes and Parivartan, our transport partner deveLopment initiative, supported taLent across internal and external ecosystems.

# Recognition and Engagement:

Nearly 3,400+ employees were recognised through our digital R&R platform, reinforcing a culture of appreciation. Through M-CARES, 83.3% of employees shared feedback that shaped poLicy and cuLturaL actions. We are aLso a Great Place To Work (GPTW)-certified Company.

Talent Acquisition

Our talent acquisition strategy was strengthened through structured hiring initiatives, ensuring a seamless experience for new employees. The transition to a centralised recruitment process resulted in the successful onboarding of 882 employees in the second half of the financial year. We collaborated with IDEA team to launch IgniteU, a flagship campus hiring programme, fostering longterm partnerships with educational institutions to attract high-calibre young professionals into various open roles. We partnered with NorthStarz.AI, an AI- powered candidate screening platform, to streamline and enhance hiring efficiency, automate repetitive tasks and provide data-driven insights for better hiring decisions. Through these initiatives, we ensured that our workforce remained future-ready, diverse and well-equipped to drive business success.

Looking Ahead: Strengthening Our Commitment to People-First Growth

As we move forward, MLL remains steadfast in its commitment to fostering an inclusive, high- performance culture driven by innovation, leadership development and employee weLL-being. Our continued investments in structured hiring and capability building wiLL further strengthen our workforce, ensuring that we build a diverse, engaged and future-ready team. By aligning our HR strategies with business objectives, we aim to create an organisation that empowers peopLe, embraces diversity and drives sustainabLe success in the logistics industry.

J. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The financial statements were prepared in compliance with the requirements of the Companies Act, 2013. We adopted the Indian Accounting Standard (IND AS) from 1 April 2016. The consolidated financial statements were prepared in compliance with applicable IND AS 110 and are presented in a separate section.

Standalone Financial Information

Share capital

The authorised share capital of the Company is ^105.00 crores divided into 10,50,00,000 equity shares of ^10 each. Our paid-up capital at the end of the year was at ^72.13 crores compared to ^72.04 crores as at the end of the previous year. The increase is due to the issue of 95,319 equity shares on account of exercise of options granted under our Employee Restricted Stock Unit Plan 2018 during the year.

Retained earnings

The retained earnings i.e., surplus in the statement of profit and Loss as on 31 March 2025, was at ^494.42 crores compared to ^468.54 crores as on 31 March 2024.

Borrowings

Borrowings as on 31 March 2025, were ^150.00 crores compared to ^82.00 crores as on 31 March 2024.

Property, plant and equipment and other intangible assets (including RoU asset, CWIP and intangible assets under development)

The property, plant and equipment and other intangibLe assets, including RoU asset, CWIP and intangibLe assets under deveLopment amounted to ^638.09 crores as on 31 March 2025, compared to ^529.15 crores as on 31 March 2024. We foLLow the asset-right modeL to execute our operations and the capitaL expenditure of ^149.11 crores incurred during the year was mainLy on account of the purchase of MateriaL HandLing Equipment & Storage Racks for warehousing services and Trucks for ProTrucking business. The addition to Right of Use Assets under IND AS 116 is ^169.90 crores.

Trade receivables

Trade receivables as on 31 March 2025, were at ^461.81 crores, amounting to 9.21% of our revenue from operations compared to ^508.92 crores as on 31 March 2024, amounting to 11.23% of the revenue from operations.

Revenue from operations

Revenue from operations increased to ^5,012.56 crores in the year ended 31 March 2025, from ^4,529.90 crores in the year ended 31 March 2024, with 10.65% increase.

Other income

Other income mainLy comprises interest income from security deposits and interest on income tax refund. There is decrease in other income from ^13.30 crores in the year ended 31 March 2024 to ^11.30 crores in the year ended 31 March 2025.

Total expenses

EmpLoyee benefit expenses incLude saLaries and wages, including bonus, contribution to provident and other funds, gratuity, and staff welfare, among others. Employee benefit expense as a percentage of revenue from operations decreased from 6.29% in previous year to 5.84% in the current year.

The increase in depreciation and amortisation expenses is due to the impact of capitalisation of assets done in the current year and increase in amortisation of rentals under IND AS 116.

Operating expenses were at 85.83% of revenue from operations in the current year as compared to 84.54% in the previous year. It mainly incLudes freight and related expenses, labour and related expenses, warehouse and related expenses, and rent, among others.

Gross margin decreased to 9.90% as compared to 11.10% in 2023-24. EBITDA also witnessed a nominaL growth, reaching ^297.24 crores compared to ^292.39 crores in 2023-24. Profit before tax decLined to ^58.18 crores from ^85.55 crores. Profit after tax decLined to reach ^43.50 crores in 202425 compared to ^61.98 crores in 2023-24. This translated into diLuted earnings per share at ^6.03, compared to ^8.58 in the preceding fiscaL year.

Key Financial Ratios for the Year 2024-25 are given as below:

Key Metrics	2024-25	2023-24	Change y-o-y
Current Ratio (times)	0.94	0.88	6.33%
Debt Equity Ratio (times)	0.21	0.12	76.70%
Interest Service Coverage Ratio (times)	5.47	6.63	(17.42%)
Trade ReceivabLes Turnover (times)	5.42	5.10	6.19%
Inventory Turnover (times)	N.A.	N.A.	N.A.
Operating Profit Margin (%)	5.93	6.45	(8.13%)
Net Profit Margin (%)	0.87	1.37	(36.58%)
Return on Net Worth (%)	6.33	9.51	(33.46%)

ExpLanation for variation of 25% or more in key financiaL ratios:

# Debt-Equity Ratio: Debt-equity ratio increased from 0.12 times in previous year to 0.21 times in current year due to increase in borrowing during the year.

<# Net Profit Margin Ratio: Net profit margin ratio decLined from 1.37% to 0.87% majorLy due to increase in operating expenses and finance cost during the year.

# Return on Networth Ratio: Return on networth ratio decLined from 9.51% to 6.33% majorLy due to increase in operating expenses and finance cost during the year.

Consolidated Financial Information

The consoLidated financiaLs incLude financiaLs of our seven subsidiaries i.e., Lords Freight (India) Private Limited, 2x2 Logistics Private Limited, MLL MobiLity Private Limited, MLL Express Services Private Limited, V-Link Freight Services Private Limited, MLL GLobaL Logistics Limited and Zip Zap Logistics Private Limited and one Joint Venture i.e. Seino MLL Logistics Private Limited.

ConsoLidation of MLL and its seven subsidiaries financiaL statements is done on a Line-by-Line basis by adding together items Like assets, LiabiLities, income, expenses after eLiminating intercompany transactions in accordance with IND AS 110 on consoLidated financiaL statements. Equity method of consoLidation is used for Joint Venture entity. The consoLidated financiaL statements are presented in a separate section.

In 2024-25, MLL experienced robust consoLidated revenue growth, reaching ^6,104.83 crores, up 10.88% from the previous year revenue of ^5,505.97 crores. Gross margin decreased moderateLy to 9.35% from 9.55% in 2024-25. The core 3PL segment witnessed a positive momentum of 10% growth whiLe freight forwarding segment showed positive growth of 20%. EBITDA was ^284.05 crores, up from ^229.04 crores in 2023-24. ConsequentLy, PAT increased to ^(30.00) crores from ^(53.09) crores registering an improvement by 43.49%. Profit after tax for the year attributabLe to non-controLLing interest is at ^5.85 crores as against ^1.65 crores in the previous year. OveraLL, in 2024-25, earnings from our core 3PL and other businesses remained stabLe and showed improvement.

Subsidiary Performance

In recent years, we have invested in muLtipLe acquisitions to enhance our portfoLio of soLutions and services. We have made the foLLowing progress in this regard:

2X2 Logistics: 2x2 speciaLises in offering automotive outbound Logistics soLutions to four-wheeLer industry and has a fleet of 175+ vehicLes. In 2024-25, 2X2 Logistics reported a revenue of ^85.07 crores, an increase of 53.69% from ^55.35 crores in the previous fiscaL year. EBITDA and PAT registered a robust growth of 176.81% and 248.43%, respectively by reaching the LeveL of ^22.56 crores and ^12.23 crores respectiveLy in 2024-25 from ^8.15 crores and ^3.51 crores in 2023-24. We were abLe to improve vehicLe utiLisation significantLy, resuLting in the growth of EBITDA and PAT.

Lords Freight India: Business revenue grew 20.53% Y-o-Y, supported by favourabLe freight rates, strong demand in the pharma sector and new cLient acquisitions. In 2024-25, Lords reported a revenue of ^298.73 crores from ^247.85 crores in the previous fiscaL year. EBITDA and PAT were ^7.45 crores and ^6.39 crores, respectiveLy in 2024-25 from ^2.66 crores and ^3.39 crores in 2023-24.

Zip Zap Logistics (Whizzard): The Last-miLe deLivery business demonstrated significant profitabiLity improvements. In 2024-25, Whizzard reported a revenue of ^172.97 crores, an increase of 38.11% from ^125.24 crores, EBITDA and PAT were ^1.70 crores and ^0.78 crores, respectiveLy in 2024-25 from ^(1.74) crores and ^(2.94) crores in 2023-24.

Zip Zap became a subsidiary of the Company on 22 December 2023, and the Company hoLds 64.10% of the issued share capitaL in Zip Zap. For the purpose of consoLidation, revenue of ^35.20 crores, from the date Zip Zap became a subsidiary of the Company is considered, which contributed 0.64% to the consoLidated revenues of the Company for the financiaL year 2023-24.

MLL Mobility: MobiLity saw improvement in

profitability despite moderate revenue growth. In 2024-25, MLL Mobility reported a revenue of ^320.53 crores, a degrowth of 3.84% from ^333.34 crores in the previous fiscaL year. EBITDA and PAT were ^6.83 crores and ^5.42 crores, respectively in 2024-25 from ^7.15 crores and ^1.78 crores in 2023-24.

MLL Express (Rivigo): MLL Express Services Private Limited achieved a 21% increase in profitability, driven by continued focus on cost efficiency despite voLume chaLLenges. The financiaL results of MLL Express Services Private Limited had a significant impact on the Companys consolidated results. However, the Express network stands as a vitaL Longterm investment for the Company, aLigning with our vision of integrated soLutions. To that end, we remain committed to investing and expanding the network in the coming years despite the short-term impact. In 2024-25, MLL Express revenue remained stabLe at ^363.83 crores, a minor degrowth from ^364.22 crores in the previous fiscaL year. EBITDA and PAT were ^(51.11) crores and ^(97.34) crores respectiveLy in 2024-25 from ^(80.32) crores and ^(123.57) crores in 2023-24.

V-Link Freight Services Private Limited (V-Link):

V-Link provides freight forwarding, Logistics and transportation and air charter services. During the financiaL year 2024-25, V-Link earned revenue of ^6.80 crores as compared to ^6.46 crores in the previous year, an increase of 5.26% year-on-year. V-Link incurred a net Loss after tax of ^0.98 crores during the financiaL year under review as against a net Loss of ^1.58 crores in the previous financiaL year.

Segment-wise Results

The foLLowing is a tabLe iLLustrating the breakdown of our consoLidated revenue from operations, across the business segments that we operate in, for the periods indicated.

	2024-25		2023-24
Segments	Amount (^ in crores)	% of Total Revenue from Operations	Amount (^ in crores)	% of Total Revenue from Operations
3PL Contract Logistics	4,743.66	77.70%	4,325.05	78.55%
Express	358.79	5.88%	364.22	6.62%
Cross-Border	305.53	5.00%	254.25	4.62%
LMD	381.29	6.25%	234.41	4.26%
Mobility	315.56	5.17%	328.05	5.96%
Revenue from Operations	6,104.83	100%	5,505.97	100%

The foLLowing is a breakdown of the percentage of revenue from operations with respect to our products and services. Goods Transportation Services continue to be the Largest contributor to revenues.

Service Offerings	2024-25	2023-24
Transportation (3PL, B2B Express, LMD)	69.47%	70.56%
Warehousing and VaLue-Added Services (3PL)	20.36%	18.86%
Freight Forwarding	5.00%	4.62%
Mobility Services	5.17%	5.96%
TotaL	100%	100%

K. CAUTIONARY ^STATEMENT

Statements in this Management Discussion and AnaLysis and in the Integrated AnnuaL Report describing our objectives, projections, estimates, expectations, plans or predictions and industry conditions or events are forward-Looking statements within the meaning of appLicabLe securities, Laws and reguLations. ActuaL resuLts, performance or achievements couLd

differ materiaLLy from those expressed or impLied. SeveraL factors couLd make a significant difference to our operations. These incLude economic conditions affecting demand and suppLy, Government reguLations and taxation, naturaL caLamities and so on over which we do not exercise any direct controL.